The FCA 'axes' more than 1000 licences; the EBA launches consultations on implementing the Travel Rule to combat money laundering in crypto transfers
Good morning! We hope you had a good weekend.
In this RegTech X digest, there is some focus on crypto regulation and AML. The European Banking Authority (EBA) has initiated a new consultation regarding implementing the Travel Rule to combat money laundering in relation to the transfer of crypto assets.
Furthermore, a policy officer from the European Commission brought attention to the notable deficiencies found in crypto exchanges, underscoring the pivotal role of these occurrences in fueling the necessity for the adoption of MiCA regulations in Europe.
In the US, Just recently Binance has agreed to pay $4.3 billion to settle a long-running investigation by the US Department of Justice, with the crypto exchange's founder Changpeng "CZ" Zhao also stepping down as CEO and pleading guilty to violating anti-money laundering requirements.
In its new roundup, PayPers presented technology vendors that have made headlines in 2023: global investments and collaborations in the fight against financial crime.
On a different note, Finextra put together a comprehensive list of the latest AI developments across 50 of the largest banks in North America, Europe, and Asia.
Additionally, this issue of the digest features industry podcasts that offer insights into the latest developments, trends, and challenges in AML and KYC.
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The latest episode of Compliance Clarified by Thomson Reuters Regulatory Intelligence features a special guest Michelle Giddings, head of anti-money laundering at the Institute for Chartered Accountants in England and Wales (ICAEW).
The latest episode 'KYC Decoded' discusses the topic of how consciously infused AI technologies could remove dangerous biases from our KYC and AML processes.
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We hope you have a great week!